Electronic Messaging System

The definition of “Electronic Messaging System” (which is found in paragraph 2(s) of the 2011 Global Master Repurchase Agreement) refers to “an electronic system for communication capable of reproducing communication in hard copy form”.  Perhaps the most interesting aspect of the definition is that it expressly INCLUDES communications sent via email.  Any communication required to be “in writing” can be made via an “Electronic Messaging System”.  As such, it is clear that that 2011 GMRA specifically envisages parties entering into transactions through the use of email.

Any communication sent by an “Electronic Messaging System” becomes effective on the date that the electronic message is received.

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